PSEi ends higher

The local stock barometer bucked a regional downturn Monday on selective large-cap buying as second-quarter local corporate earnings results started to trickle in.

The Philippine Stock Exchange index (PSEi) gained 23.26 points or 0.31 percent to close at 7,573.26 in mixed trade.

The gains were led by the financial (up 0.28 percent), holding firm (up 0.65 percent), services (up 0.41 percent) and property (up 0.11 percent) counters while the industrial (down 0.07 percent ) and mining/oil (down 0.39 percent) counters dipped.

Despite the PSEi’s rise, market breadth was negative as there were more decliners (82) than advancers (77). Forty-six other stocks closed unchanged. Value turnover was thin at P6.56 billion.

Metro Pacific Investments Corp. was among those that led the PSEi higher, gaining 3.09 percent, after releasing its second-quarter results.

Jollibee was up 2.63 percent while Globe Telecom gained 2.09 percent. Ayala Corp. rose by 1.92 percent.

GT Capital, SM Prime, Universal Robina Corp., SM Investments Corp., BDO Unibank and Meralco also firmed up.

Outside of the PSEi, the notable gainers include DNL, which rose by 1.62 percent.

On the other hand, Alliance Global Group Inc. declined by 1.11 percent while Ayala Land Inc., Metrobank, Energy Development Corp., Semirara and Aboitiz Power all declined.

Foreign buying amounted to P3.48 billion as against foreign selling of P4.03 billion. Doris Dumlao-Abadilla